Core Viewpoint - The article highlights the drastic decline in property prices in the "欧美金融城" (European Financial City) in Hangzhou, where a property that once sold for as high as 60,000 yuan per square meter is now being auctioned at a starting price of 20,036 yuan per square meter, reflecting a significant market downturn [1][3]. Group 1: Property Price Trends - The "欧美金融城" was initially launched in 2014 with an average price just above 10,000 yuan per square meter, which rose to over 30,000 yuan by 2018 and peaked at over 60,000 yuan between 2020 and 2021 [3][6]. - Currently, a property in this area is being auctioned with a starting price of 200,360 yuan, which is 55,000 yuan lower than the previous auction and 170,000 yuan below the assessed value of 3,930,000 yuan [3][6]. Group 2: Auction Details - The property in question is a foreclosed unit located in the "欧美金融城" with a total area of 107.82 square meters, and it has been listed for auction due to court seizure [6]. - The property was initially purchased on March 13, 2023, at an estimated market price of around 4 million yuan, indicating that the owner will incur significant losses if sold at the current auction price [6][7]. Group 3: Market Dynamics - The article notes that despite over 9,000 views on the auction listing, the property failed to attract any bids during its first auction attempt, indicating a lack of buyer interest in the current market conditions [3][6]. - Another property in the same area sold for 3.6 million yuan, or 36,000 yuan per square meter, after 53 bids, suggesting that while some properties may still attract interest, the overall market sentiment remains cautious [8].